UK households will pay £1,206 less per year for their energy bills from July 1 as Ofgem has announced its new price cap.
Today (Thursday) the energy regulator Ofgem has said the price cap will drop from £3,280 to £2,074. The "cap" dictates what almost all homes in England, Scotland and Wales will pay for their electricity and gas.
Ofgem said the £1,206 reduction to the cap reflected recent falls in wholesale energy prices. The lower cap will replace the Government's Energy Price Guarantee (EPG), which currently limits the typical household energy bill to around £2,500.
